No haircut, cutting the value of Greek debt is impracticable, but revising the rates and maturities of the Athens exposure is possible. For the first time, German Chancellor Angela Merkel opens up on the thorny issue of the Greek debt, at least in part accepting the solicitations that came first from the International Monetary Fund and then from the ECB.
Even with all the prudence of the case, that of Merkel is no small opening, considering the mood of the Germans on Greece and the recent offensive on Grexit by Finance Minister Schaeuble.
On the eve of the reopening of the Greek banks and the vote of the Athens Parliament on the other reforms on the agenda, Merkel said that the restructuring of the Greek debt could be discussed when the first evaluation of the program of the new negotiations between Greece and Greece is successfully completed the European Union.
